Solution-How the accounts in the general ledger will be

How the accounts in the general ledger will be affected

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Reference no: EM132489590

The following are miscellaneous transactions for Top Shoe Suppliers for March 2014. Ignore VAT. The business uses the PERIODIC INVENTORY method with a mark-up on cost of 50%.

1 The owner took cash for personal use R 35 000.

7 Paid the Southern Municipal Council for the business' water and electricity bill by cheque, R 342.

12 Purchased trading inventory on credit from Scott & Allen, R 28 500.

15 Cash sales of trading inventory, selling price = R 855.

20 Returned trading inventory with a cost price of R 2 500 and receive a credit from supplier.

27 Credit sales of trading inventory, selling price = R 1 575.

28 A debtor returned some of the goods purchased from Top Shoe Suppliers on 27 March 2014. The cost price of the goods was R 640.

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Question 1: Show how the above transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected.

Reference no: EM132489590

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How the accounts in the general ledger will be affected

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